IAC property under sale agreement

From the Sentinel:

The vacant 48-acre International Automotive Components (IAC) property on Spring Road in Carlisle is now under a sale agreement, according to the listing agent for the company.

Joe McDermott, senior vice president with commercial real estate firm CB Richard Ellis announced the agreement Thursday. Sale of the property isn’t expected to close until at least mid-October, McDermott said. He would not comment on who is buying the former Lear and C.H. Masland & Sons plant – a site that opened in 1919 and once employed as many as 3,500 people during World War II.

IAC spokesperson David Ladd said the company expects to know by mid-November whether or not there is a deal. He also could not disclose any details about the prospective buyer.

Throughout much of its history, the factory was the manufacturing heart of Carlisle.

The Masland family sold it to Lear Corp. in 1996. IAC acquired the plant in April 2007 and announced its plan to close it in October 2008.

The facility employed more than 600 people as recently as Feb. 2007. IAC closed the doors in Carlisle for the final time on Dec. 12, 2008.

Redevelopment

Anthony Amadure, business development specialist at Cumberland County Economic Development, has fielded a number of inquiries regarding the IAC property over the past two years. He has also worked with interested parties to facilitate meetings with the owners.

He said Thursday that he couldn’t release the name of the buyer, due to a confidentialty agreement.

However, he did say there are “multiple” companies interested in partnering with the “local organization” buying the property to redevelop the site in the future.

“We’re excited that it’s about to close,” Amadure said, pegging the closure around the end of October.

At the county level, there are still Recovery Zone bonds available through the stimulus package to help with any redevelopment plans, he explained.

The Recovery Zone bond program was set up by the federal government to promote job creation and investment within distressed and underutilized areas.

There is also state and local financing available.

The IAC site has more than 873,000 square feet of usable building space and rail access. It’s also close to Route 11, the Pennsylvania Turnpike and Interstate 81.

“There are no definite plans in place,” Amadure said about redevelopment of the site.

Original Article here

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